Business & Markets
Copper hits record $14,533 a ton as tariff trade tightens supply
The global benchmark surpassed its January peak while U.S. warehouse stocks also stood at a record and mine output remained under pressure.
Executive summary
- The record: Benchmark three-month copper reached an all-time high of $14,533 a metric ton on the London Metal Exchange, topping January's $14,527.50 peak.[1][2][3]
- The driver: Traders have moved copper into the United States ahead of possible tariffs on refined metal, tightening available supply elsewhere.[1][2]
- The inventory split: COMEX copper inventories stood at a record 766,795 short tons even as market participants focused on tighter stocks outside the United States.[1]
- The balance: Mine output fell in the first half of 2026, although the refined market still recorded a preliminary surplus, underscoring the difference between global supply and where metal is available.[2]
Copper climbed to an all-time high of $14,533 a metric ton on the London Metal Exchange on Monday, narrowly surpassing the previous record of $14,527.50 set in January. Reuters and Dow Jones independently reported the new peak in the benchmark three-month contract, while the LME identified its copper contract as the global reference price.[1][2][3]
The immediate pressure is less about a worldwide absence of copper than a widening geographic imbalance. Traders and producers have moved large volumes toward the United States ahead of possible tariffs on refined metal, reducing supplies available to buyers elsewhere and supporting London prices.[1][2]
Reuters reported that COMEX copper inventories reached a record 766,795 short tons, or about 695,624 metric tons. The concentration of metal in U.S. warehouses has made tariff policy a central market variable even though inventories exist in the global system.[1]
Dow Jones reported, citing preliminary International Copper Study Group data, that global mine output fell 1.1% in the first half of 2026 and concentrate production declined 2.6%. Refined production still exceeded consumption by about 131,000 tons, showing that the price spike reflects both mine constraints and the location of available metal rather than a simple global deficit.[2]
Longer-term expectations for power grids, data centers, renewable energy and electric vehicles remain supportive for copper demand, but the latest record was driven by nearer-term tariff uncertainty, warehouse flows and mine-supply concerns. Prices can reverse quickly if tariff expectations or physical flows change.[1][2]